Getting rid of my shared ownership flat - how?!

Wickedkitten

Is there anyway that you can get a lodger in?

WelshNic

waribai wrote: »

You also have neglected to mention your gambling habit which you mentioned in another thread.

Yep.

I don't think bankruptcy is the answer.

dopester

Drysdale wrote: »

and feel like my life is on hold!

Your life position is where it is due to decisions you've made and taken. Maybe you should have rented with your true-forever-love.. although I see you like to refer to yourself as a property owner in other posts.

Including the £390 pm rental-service charge on top of your mortgage which you now use the :mad: smilie about.

Many other peoples lives have been on hold due to others being prepared to borrow and pay excessive prices year after year, pushing up prices for non-property owners.

mcc100

Drysdale wrote: »

Hello all.

Myself and partner are first time buyers and have decided upon buying into a shared ownership/part buy-part rent property.

The property is valued at £150,000 and our 50% share is worth £75,000. I earn circa £27k whilst my partner earns £18k.

We are having great difficulty in finding the right mortgage with most banks not offering a shared ownership mortgage at all.

We will only be able to go for a 100% mortgage as have no deposit at all. Does anyone know of anyone that will provide a 100% value (£75k) part buy-part rent/shared ownership mortgage? I appreciate we will have little or no options/flexibility. Thanks.

This was your post in September 2007

Drysdale wrote: »

Hello,

I am in need of help. Last year (November 2007) I bought a brand new Mercedes Benz A150 Avantgarde SE (3 door) on a PCP finance plan - 5.9% interest over 3 years. At the end of the agreement I have the option to hand the car back and owe nothing, use the equity I have built up through payments as a deposit on another car or pay a balloon payment of around £7000.

I purchased the car at the time for £13995 with no deposit (100% finance)- around £1000 off the OTR price so thought I was getting a fairly good deal. The car has been reliable, however my reasons for needing it have unexpectedly gone and due to separate (unforeseen) financial issues I am in very much a need to get rid of the car. I am paying £268 p/c/m.

ONE YEAR later (Dec '08) I was shocked to discover that the average trade in price for the car in it's condition/mileage is no more than £6,800! If I managed to trade in at that price I would be looking at negative equity of close to £4,500! This has got to be one of the worst depreciating cars I have seen - losing nearly 60% of its value in one year!

I simply cannot wait until the end of the agreement (November 2010) - I am happy to pay a penalty fee (to an extent) for handing the car back early but don't want anything that will affect my credit rating. I just want to hand the car back with no strings!

Is there a way out? I haven't spoken to my creditors yet (Mercedes Benz Finance) and would rather get some advice from you lot before making anything formal.

I'm aware that I can cancel the agreement if I have paid more than half of the balance - however as I paid no deposit originally I will only have paid half on my current £268 p/c/m when my agreement is finished (3 years) - this is obviously not an option for me.

Any ideas? Help!

And this post states that you bought a brand new Merc in Nov 2007.

Sorry, but I have no sympathy for someone who buys a property under the shared ownership scheme but also buys a brand new Merc on finance ......

sismith42

Three thoughts: The flat is as much your ex's responsibility as it is yours, even if she isn't living there anymore. Talk to her NOW, before approaching HR abut bancrupcy, she may be able to help without you having to run away from your previous financial choices. , wrecking her credit as well as yours . "Need" is rather strong word choice for a luxury car... I understand needing a car, but it HAS to be a merc? Really? you also may want to go into credit councelling. Finally, check out some of the SOP threads before dismissing the idea ... someone who doesn't realize that cars always depreciate might be able to save a bundle through switching electrical suppliers, etc.
good luck!

wymondham

Wickedkitten wrote: »

Is there anyway that you can get a lodger in?

In a one bedroomed flat they would have to be very good friends?

on the main note, it appears much more is going on here than originally posted. A spate of poor, and avoidable decisions seem to have led to this situation. Good luck with whatever you decide.

Gorgeous_George

An A series Mercedes is hardly a luxury car. It's a bit like having a Jaguar Fiesta.

However, the point is well made. Debt junkies always end up having to pay for their fixes when more debt is not available to feed their habit. Gamblers always lose. It is quite likely that your gf ran away from a relationship with no future due to the debt/gambling addictions. Legally she is responsible for all of of the mortgage if you are unable to pay. If you go bankrupt, she will be chased for 100% of the mortgage debt.

I suggest you both seek professional advice, preferably together but separately if necessary. Make sure you both have the same, honest information about your financial positions. The CAB would be a good start.

GG

Wickedkitten

wymondham wrote: »

In a one bedroomed flat they would have to be very good friends?

on the main note, it appears much more is going on here than originally posted. A spate of poor, and avoidable decisions seem to have led to this situation. Good luck with whatever you decide.

He could always do the student landlord thing and make the living room a bedroom.